Storey: Types of new product performance: evidence from the consumer financial services sector
10 important questions on Storey: Types of new product performance: evidence from the consumer financial services sector
The research of Storey investigates the benefits that new products bring to a company. Which three distinct dimensions of performance are indentified?
2 Profitability
3 Enhanced opportunities (longer-term company benefits)
What are the two main findings of Storey?
2 C.a. half of the value derived from new products is derived from company benefits.
When evaluating new products, firms base this almost entirely on financial criteria. This takes a narrow view as to the extent of benefits to the company of developing new products. Which 5 wider benefits should be used as performance measures for new products? (Storey)?
1 Complement existing products
2 Use company resources more fully
3 Broaden or improve the company image
4 To diversify
5 Grow into new markets
> Even failures in financial terms can be considered to be successful if these wider benefits are taken in account
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What does Storey mean with company benefits and product benefits?
Product benefits are the financial/sales-based benefits.
> Company benefits accrue (toenemen) to the firm as a whole. Product benefits are measured in relation to the individual product.
Summarize the objectives of the research of Storey? (3)
2 Explores the relationships between company benefits, product benefits, and new product success
3 Assesses the relative importance of diffierent types of benefits.
Describe the 3 aims of the study of Storey?
2 Examine the relationship between different type of benefits generated by new products.
3 Assess the relative importance of product and company benefits.
New product evaluation is currently biased toward the use of product benefits (sales/financial information, e.g. market share). The study of Storey proves that there are also company benefits (e.g. the opening up of new markets). What is the key point of this research?
It is also important to understand the second key point: that product and company benefits are not neatly (keurig) seperated concept. They overlap to a small but significant degree. The total array of benefits from new financial services has in fact three major components. Explain those components of Storey?
2 Enhanced opportunities (is composed entirely of such opportunities as opening up net markets/providing new product platforms etc., to assist the company longer-term endeavors)
3 Profitability (standard/direct/predictable profit dimensions but is boosted by two other sources (improved customer loyalty and profitability of other products). This indicated that there are more indirect and longer term sources of profitability in addition.
Describe the main conclusion of Storey?
What are the benefits that accrue from providing new services according to Storey?
2 Opening markets of opportunity
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